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Former SEC Chairman Arthur Levitt on the market’s rise, the signs of a recovering economy and why the government has not merged the SEC and CFTC.
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Our next guest the longest serving chairman of the Securities and Exchange Commission only -- position rarely.
Tool full Bill Clinton terms course we had a market boom -- what does he make of what was going on today and since now.
-- levered on the phone with us right now are diverted to have -- Prevail I think it was.
An important it followed a lot of good -- in terms.
Investor.
Senator -- Early signs of spring point two.
A better economy -- better feel like I think what apple.
Does what it did today.
It's kind of speaks about the U two's -- asset which investors are showing.
So you think guard -- the market is is is leading this are responding the economy.
Penetrate the market is predicting that change in the economy.
Now they'll be lots of ups and downs before that confirmed but this is definitely a positive cent of -- That it indications.
Yeah attitude.
If -- investor which has been so universally.
Negative for almost four years now.
But you know I took a lot of analysts argue and argue as a -- Arkansas State chairman and you know Wall Street while -- -- SEC chairman.
You know markets have been able to hoodwinked -- before fullest before been a poor barometer before.
Many were telling me that they're worried about -- sudden an unexpected slowdown in factory orders.
That this might be not all it's it's been pumped up to -- equities.
It never is running community -- -- time.
This is but one of -- indicators.
I'd rather see it on the plus side that not at all.
But heaven knows the European situation.
The uncertainty about the election.
All whole host of issues.
Real impact -- market over the course of coming months.
It's a good sign.
It is not an absolute certainty.
They've separated.
Now you talk about you know everyone remembers your days of course -- everybody in America -- -- but of course -- The FCC had in the boom Clinton years that there is a difference between a Bill Clinton and Barack Obama that is democratic presidents.
Was very different visions and relationships of -- to Bill Clinton at a very very nice relationship with the financial community.
And this president not so much.
When I make of that.
I think that's true.
I think it could markets -- SEC chairs and president.
Look smarter than they really are and it that markets made -- look dumber than they really are.
So I would rather have been SEC chair is the best of one of the greatest bull markets in history.
That could go through what Obama and Mary Schapiro has gone through in the past couple of years but.
You know -- -- gonna win the SEC and that we've got this consumer protection agency that sort of getting its traction.
Can't tell me -- -- that there's not gonna be some overlap turf wars here and that.
It's going to get.
We're right.
There are turf war is about the nature of Washington.
Every agency is competing for -- -- of this.
Given -- I don't know where one.
Jurisdiction begins in the other hands.
That's a very good point because.
There's no reason that the SEC and CFTC.
Should not be merged and the only reason that it is that emerged is because.
Members of congress see each of these as money raising opportunities.
It don't want to give up -- -- that's involved in being able to represent.
Water the other of those two agencies that spoke one of -- agencies which are guided by a -- raising opportunities on the part of their congressional overseers.
Right message.
Art thank you very much of a busy primary night over a pleasure having even -- it's on the phone would love to have you here but I hope you're well stay well -- -- -- Arthur Levitt.
